NIGERIAN INFLATION STILL EASING AT 16.01% AUGUST, SAYS NBS

Inflation rate in Nigeria is still leisurely easing with the composite price index (CPI) closing last month at 239.3, that is 16.01% higher than on a year ago but 0.97% higher than for July.

By comparison, July rate of increase in the CPI compared to July 2016 was 16.05%.

According to latest CPI report released by the National Bureau of Statistics (NBS), food price increase pressure continues to be the main contributor assisted by compositions of core index basket like clothing, air fares,motorcycle, furniture and fittings, books and pharmaceutical products.

Most affected by price jumps, according to the index, were food items like bread and cereals, meat; fish, oils and fats, milk, cheese and eggs, coffee, tea and cocoa.

Although the August inflation rate was lower than July's 16.05% and so represented seventh month of gradual easing, the August index remains the highest since the CPI was introduced with November 2009 as base.

Also, the long hoped for negative growth in inflation rate may never occur because the only time there was actually a drop in the index was in March 2010 when it came to 104.9, marginally down on February 2010's 105.0.

And the real gallop era was between January 2016 and May same year when the lowest increase was 3.1 points to 193 in April and the highest was 5.3 points in May same year.

At last, with the August figures released today healthcare index finally crossed the 200 mark meaning that on the average, Nigerians now pay twice what they paid in November 2009 for healthcare, give or take extremes usually associated with indices and valuation baskets.

Yet to cross were  education (138.9); recreation and culture (177.1); restaurants and hotels (184.3) and alcoholic beverage and tobacco which looks set to cross soon at 192.5 in August.

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